JLL arranges financing for Milwaukee-area apartments
Loan proceeds funded Spaulding Group’s acquisition of the Waukesha community
CHICAGO, November 11, 2019 – JLL announced today that it has arranged financing for Springdale Apartments, a 199-unit apartment community located in the Milwaukee suburb of Waukesha, Wisconsin.
JLL worked on behalf of the sponsor, Spaulding Group, to secure the fixed-rate loan through Argentic Real Estate Finance LLC. The 75% LTV loan has a term of 10 years with interest-only payments for the length of the loan.
Springdale Apartments is situated on 13.9 acres at the southeast corner of Bluemound and Springdale Roads approximately 20 miles west of downtown Milwaukee. The 95.5% occupied property offers excellent access to recreation, transportation, employment centers and premier shopping. Springdale Apartments consists of eight two- and three-story buildings comprising 199 one-, two- and three-bedroom units ranging between 677 and 1,210 square feet along with 264 surface parking spaces. Community amenities include a heated outdoor swimming pool, clubroom, fully equipped fitness center, volleyball court, playground and picnic area.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Vice President Brian Walsh and Associate Patrick Healy.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Justin Spaulding has been active in real estate since 2009. In 2012, he founded SG Realty, LLC to acquire and own cash flowing real estate. Since then he has raised more than $12 million of third-party investor funds and successfully invested those funds into cash flow producing properties. He is also the President & CEO of Spaulding Group, a property management company founded in 2016 that provides real estate management services to all of SG Realty’s real estate holdings. Spaulding Group has 18 employees, including property managers, maintenance techs, a controller and a bookkeeping team. The team currently manages over 500 apartments; 25,000 square feet of warehouse and industrial shop space and three single-tenant office buildings. The entire portfolio currently consists of cash flow producing real estate valued in excess of $50 million. spauldinggroup.com